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NBH Rate Decision in Focus This Afternoon

HUNGARY
  • The NBH are almost certain to deliver another 100bps effective rate cut today (1300BST/1400CET), in-line with previously offered guidance that the rate will be converged to the 13% base rate by the end of September. The NBH may use this juncture to provide updated forward guidance, however, a number of global risk-off concerns could prompt the NBH to act with a greater degree of caution instead.
  • The government is planning to extend and expand the ban on imports of Ukrainian agricultural products beyond Sep 16 if the European Commission doesn’t renew its current restrictions, MTI report citing the country’s agricultural minister.
  • Hungary's will decide on ratifying Sweden's accession to NATO this autumn, foreign minister Peter Szijjarto told Turkish channel TRT World. While Hungary "does not want to become the obstacle in the way of Swedish NATO membership", it also considers Turkey’s interests, because defence alliances must be based on trust, Szijjarto said.
  • Looking ahead, PPI data, GDP data, trade balance figures and manufacturing PMI are all on the docket later this week.

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